CONFIDENTIAL
- 42
14. ADMINISTRATION EXPENSES
The components of this item of expenditure were:
1987 HK$'000s
1986 HK$'000s
Portfolio management fees
and bank charges
10,593
8,041
Multi-currency portfolio
bonuses
919
689
Staff costs reimbursed to the Treasury
6,973
6,737
Telex, cable charges, Telerate and Reuter's monitor service
Entertainment and overseas
duty visits
Computer
Consultancy fee
Miscellaneous
656
369
4
7
117
114
403
9
6
19,674
15,963
Compared with 1986 there was an increase of 23.3% under this head of expenditure. Portfolio management fees and bank charges increased by $2,552,000 from $8,041,000 to $10,593,000 mainly due to an increase of $6.9 billion in the amount under management and the use of higher base exchange rates for accounting purposes for all foreign currencies except the U.S. dollar. Multi-currency portfolio bonuses to those managers whose return exceeded the average return of the group amounted to $919,000. The consultancy fee was in connection with the merger of Cable and Wireless (Hong Kong) Limited and Hong Kong Telephone Company Limited.
CONFIDENTIAL